Galaxy Digital reported third-quarter revenue and earnings of $8.7 billion, a net profit of $323 million, and an adjusted EBITDA of $455 million. The company's profitability showed a significant rebound, driven by improved investment-related gains and stronger performance in its data center business.
Galaxy Digital (NASDAQ: GLXY) attracted investor attention after reporting a significant rebound in third-quarter earnings, with its pre-market stock price rising approximately 8%. However, given that GLXY's stock has overall remained in a downward trend, investors will be watching to see whether this improvement in performance can sustain a continued rally.
Galaxy Digital's third-quarter results show a significant recovery in profitability.
Galaxy Digital reported revenue and operating income of $8.7 billion for the third quarter of 2026, with a net profit of $323 million. Adjusted EBITDA reached $455 million, showing a significant improvement from a $77 million loss in the previous quarter. Adjusted gross profit increased from $430 million in the second quarter to $5.69 billion.
The Treasury & Corporate segment was the largest contributor to adjusted gross profit, recording $419 million, compared to a $42 million loss in the second quarter. Digital Assets contributed $71 million, and Data Centers contributed $79 million. It is significant that earnings were concentrated in the Treasury & Corporate segment, as investment-related performance can be highly volatile, making it difficult to view this quarter’s rebound as a sustainable, recurring profit trend.
Data center expansion strengthens Galaxy's AI infrastructure prospects
Galaxy's data center business continues to expand, with adjusted gross profit increasing from $20 million in the prior quarter to $79 million. The company's current power pipeline has exceeded 5.7 gigawatts, enabling its infrastructure business to meet the growing demand for artificial intelligence and high-performance computing capacity.
Its Helios I Phase II project has completed financing and is currently under construction. Galaxy has also advanced a $3.5 billion senior secured note issuance to fund the project, highlighting the substantial capital investment required to expand its infrastructure footprint.
GLXY rose 8% in pre-market trading, continuing its 6% gain from the previous trading day.
GLXY closed at $15.68 on the previous trading day. An additional 8% increase would bring the price close to $16.93. The consecutive upward movement suggests a positive market reaction to the earnings results and may offer an opportunity for the stock to recover from its recent decline. If the price breaks above $18, it would confirm the rebound and potentially push GLXY toward $20; conversely, a drop below $15 could signal a resumption of the downtrend.
Galaxy Digital's $200 million repurchase authorization also serves as another catalyst for the stock price.